Karachi, 12 November 2026: Yields on Pakistan’s treasury bills fell across all tenors in the latest government auction. The State Bank of Pakistan (SBP) accepted Rs586.71 billion in the T-bill auction held on 11 November, with cut-off yields down by 22 to 48 basis points from the previous auction on 28 October.
T-Bill Auction Results: Key Numbers
- 1-month: 11.8838% (down 22.17 bps)
- 3-month: 11.9999% (down 42.62 bps)
- 6-month: 12.19% (down 46 bps)
- 12-month: 12.41% (down 48 bps)
- Total bids: about Rs2.19 trillion
- Accepted: Rs586.71 billion (Rs232.46bn competitive + Rs354.25bn non-competitive)
- Biggest tenors: 3-month Rs300.78bn, 12-month Rs231.49bn
- Settlement: 12 November 2026
Why Yields Came Down
Banks and other investors offered almost four times the amount the government accepted, which gave the SBP room to borrow at lower rates. Falling yields usually show that the market expects interest rates to stay stable or come down. The SBP policy rate is currently 12%, and all T-bill yields are now close to that level. Read our explainer on the 12% policy rate for more background.
What This Means for You
- Savers: Bank deposit and savings account profit rates tend to follow T-bill yields. If yields keep falling, banks may trim profit rates in the coming weeks. Compare current offers on our bank profit rates page.
- National Savings investors: CDNS rates are reviewed in line with market yields, so watch our National Savings profit rates page for any revision.
- Direct T-bill investors: Individuals can buy T-bills through bank investor portfolio accounts. Compare the yield with what your bank pays before deciding. Estimate returns with our bank profit calculator.
FAQs (Roman Urdu)
T-bill ka munafa ab kitna hai?
11 November ki auction mein 3 maah ka yield 11.9999% aur 12 maah ka 12.41% raha.
Kya bank ka munafa bhi kam hoga?
Aksar bank profit rates T-bill yields ke saath chalte hain, is liye aage kami ho sakti hai, lekin har bank apna faisla khud karta hai.
Related: T-bills guide and latest yields · how to buy T-bills via InvestPak
Sources: TechJuice (SBP auction data). Not investment advice.